On September 28, JIANGXI COPPER fell 3.4% in regular trading, trading at HKD 31.78/share, with turnover of approximately HKD 30.81 million, as the copper sector extended its weakness amid multiple headwinds.
On the news front, rising Fed rate hike expectations combined with institutional position cuts and softening downstream demand jointly pressured copper stocks. BlackRock reduced its holdings in JIANGXI COPPER H-shares by 13.728 million shares via an off-exchange transaction on September 22, lowering its long position ratio from 5.30% to 4.31%. On the demand side, downstream copper rod and copper strip processors scaled back procurement ahead of the holiday season, resulting in thin actual transaction volumes.
Across the copper sector, broad-based selling was evident. CDAYENONFER fell 4.23%, CHINFMINING declined 3.49%, and JINXUN RESOURCE dropped 3.14%. JIANGXI COPPER had previously reported strong first-half results, with revenue of RMB 307.155 billion, up 19.53% year-over-year, and adjusted net profit of RMB 7.556 billion, up 73.73%. However, near-term macro and institutional headwinds have overshadowed the fundamental backdrop.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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